South African Revenue Service records USD 1.09 billion trade balance surplus for September

The South African Revenue Service (SARS) reports that September’s trade surplus is almost half that of the same period in 2021.

SARS has recorded a preliminary trade balance surplus of ZAR 19.70 billion (USD 1.09 billion) in its trade statistics for September 2022. This includes trade data with Botswana, Eswatini, Lesotho and Namibia (BELN).

SARS: Imports rising faster than exports

The year-to-date (1 January to 30 September 2022) preliminary trade balance surplus of USD 9.49 billion (ZAR 175.42 billion) is a deterioration from the USD 18.76 billion (ZAR 346.88 billion) trade balance surplus for the comparable period in 2021. Exports increased by 22.0% year-on-year, while imports increased by 27.1% over the same period.

The September surplus is attributable to exports of USD 10.36 billion (ZAR 191.56 billion) and imports of USD 9.3 billion (ZAR 171.86 billion). Exports increased by USD 940 million (ZAR 17.37 billion) (10%) between August and September 2022, while imports increased by USD 210 million (ZAR 3.88 billion) (2.3%) over the same period.

Exports for the year-to-date (1 January to 30 September 2022) increased by 12.8% to USD 28.09 billion (ZAR1 519.02 billion) from USD 18.75 billion (ZAR 346.54 billion) over the same period during 2021. Imports for the year-to-date of USD 18.6 (ZAR 343.60 billion) were 34.4% more than the USD 54.1 billion (ZAR 999.66 billion) imports recorded during the same period in 2021. The cumulative trade balance surplus for 2022 is USD 9.49 billion (ZAR 175.42 billion).

Exports up by 22%, imports by 27%

On a year-on-year basis, the preliminary trade balance surplus for September was a deterioration from the USD 1.18 billion (ZAR 21.82 billion) recorded in September 2021. Exports of USD 10.37 billion (ZAR 191.56 billion) were 22% more than the USD 8.03 billion (ZAR 157.03 billion) exports recorded in September 2021. Imports of USD 9.30 billion (ZAR 171.86 billion) were 27.1% more than the USD 7.32 billion (ZAR 135.21 billion) imports recorded in September 2021.

The August 2022 preliminary trade balance surplus was revised downwards by USD 530 million (ZAR 0.98 billion) due to the ongoing Vouchers of Correction (VOC). The revision was from the preliminary trade balance surplus of USD 390 million (ZAR 7.18 billion) to the revised trade balance surplus of USD 340 million (ZAR 6.20 billion).

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